“SF Partners nearly doubled the price they paid in 2013 through a successful repositioning program,” said O’Donnell. “This is a very unique asset whose value was also driven by the opportunity to develop retail on the site.”

O'Donnell said TJAC plans to build a retail center on the excess parking space on the south side of the property.

TJAC mostly builds student housing, although it has also constructed retail centers. Its retail properties include Fountains Center and the Boardwalk in Boca Raton. Both of them are also on Powerline Road.